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Housing starts fall again in October as high mortgage rates sap demand

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Rising interest rates and stubbornly high prices are starting to cool the housing market, with new home construction in the U.S. plunging again in October.

Witkoff Group Chairman and CEO Steve Witkoff assesses the volatile real estate market and the impact soaring mortgage rates have had on the U.S. economy.

Applications to build — which measures future construction — fell to an annual rate of 1.53 million units. Houses under construction at the Norton Commons subdivision in Louisville, Kentucky, US, on Friday, July 1, 2022. The data comes one day after the National Association of Home Builders/Wells Fargo Housing Market Index, which measures the pulse of the single-family housing market, fell for the eleventh consecutive month to 33, marking the worst stretch for the housing market since the survey launched in 1985.

 

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